J. Lauritzen offers to buy back 10½% bonds at 105 in tender offer

By Angela McDaniels

Tacoma, Wash., Dec. 9 - J. Lauritzen A/S began a tender offer for its 10½% senior bonds due 2015, according to a company news release.

The company is offering to purchase the bonds at 105% of par plus accrued interest.

According to the company, the most recent traded price of the bonds reported on the Oslo Stock Exchange was 103.1% of par on Dec. 2.

The offer will end at 10 a.m. ET on Dec. 17. The settlement date will be Dec. 20.

The company will fund the offer with proceeds of the sale of 10 product tankers.

Danske Bank Markets (r3775dcm@danskebank.dk) and SEB (lars.lilleegen@seb.no) are the managers.

J. Lauritzen provides ocean transport solutions and is based in Copenhagen.

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